IO / SR Future down due to several reasons:
- Steel billet down 70 yuan today, most steel product s down 30 to 90 yuan per ton. Steel rebar remain strong, only down 20 to 30 yuan per ton.
- US rate decision on 16th of March. A most likely rate rise puts pressure on metal prices.
- Physical market volumes are down, IO port inventory remain high. Price were reduced to move inventory.
- Government spending on infrastructure this year largely the same as last year, some traders were looking for "additional" stimulus.
Again DEMAND is the key for IO price.
No one here is saying SP and IO will keep going up forever, those poster who talks down SP ALL the time are only talking their books for their own benefits, again no where to be seen when SP is up and only appeared after the future closed down today.
IO future are currently at or near support of 650-660. If drop below this, next support will be 590-600. If it bounced off 660s tonight, it should stay in 660-690 range ST.
DYOR.
Frank.
FMG / IO Outlook and News, page-110
-
- There are more pages in this discussion • 831 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add FMG (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$17.34 |
Change
0.520(3.09%) |
Mkt cap ! $53.38B | |||
| Open | High | Low | Value | Volume |
| $17.31 | $17.51 | $17.00 | $309.6M | 17.18M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 300 | $17.33 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.35 | 28897 | 5 |
View Market Depth
| Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |